Barclays 2011 Annual Report Download - page 190

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Financial review
Analysis of results by business continued
2011
£m
2010
£m
2009
£m
Income Statement Information
Net interest income 798 678 503
Net fee and commission income 943 869 792
Net trading income 5 11 7
Net investment income –2 13
Other (expense)/income (2) –7
Total income 1,744 1,560 1,322
Credit impairment charges and other provisions (41) (48) (51)
Net operating income 1,703 1,512 1,271
Operating expenses (1,493) (1,349) (1,129)
Share of post-tax results of associates and joint ventures (3) ––
Profit on disposal of subsidiaries, associates and joint ventures – –1
Profit before tax 207 163 143
Adjusted profit before taxa207 163 142
Balance Sheet Information
Loans and advances to customers at amortised cost £18.8bn £16.1bn £13.0bn
Customer deposits £46.5bn £44.8bn £38.4bn
Total assets £20.9bn £17.8bn £14.9bn
Risk weighted assets £13.1bn £12.4bn £11.4bn
2011
Barclays Wealth profit before tax increased 27% to £207m driven by
strong income growth partly offset by increased investment in the growth
of the business.
Income improved 12% to £1,744m reflecting strong income growth in
the High Net Worth businesses. Net operating income improved 13% to
£1,703m with the loan loss rate reducing to 21bps (2010: 29bps).
Net interest income improved 18% to £798m as customer deposit and
loan balances have increased reflecting growth in High Net Worth client
balances and an increase in margins on deposits. Net interest margin
Note
a 2009 adjusted profit before tax and adjusted performance measures excludes the impact of profit on disposal of subsidiaries, associates and joint ventures of £1m.
increased to 129bps from 122bps with average customer deposits
up £3.6bn to £44.5bn and average loans up £3.0bn to £17.5bn.
Net fee and commission income improved 9% to £943m driven by
higher transactional activity in the High Net Worth businesses.
Operating expenses increased 11% to £1,493m reflecting increase in
investment spend and related restructuring costs to support the strategic
investment programme. Includes the cost of increase in the client facing
staff and infrastructure to support the High Net Worth businesses.
Barclays Wealth
188 Barclays PLC Annual Report 2011 www.barclays.com/annualreport